The US Bureau of Labor Statistics has revised payroll figures downward by 818,000 in a 12-month period ending in March 2024. This significant adjustment raises important questions about the true state of the labor market and its implications for individuals facing potential layoffs across various industries.

To shed more light on this topic, Ritholtz Wealth Management investment advisor Blair duQuesnay joins Wealth! to discuss strategies to becoming financially prepared in case of a job cut.

She emphasizes the importance of being "prepared in advance," with duQuesnay recommending that individuals save 3 to 6 months' worth of living expenses in a dedicated savings account. This financial cushion can provide crucial support in the event of an unforeseen job cut, allowing individuals to "prepare before a layoff occurs."

When discussing the sectors most vulnerable to layoffs, duQuesnay notes that "with an economic downturn, pretty much every sector of the economy is going to be impacted." She urges everyone to take proactive measures to safeguard their financial well-being in these uncertain times.

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This post was written by Angel Smith